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Consensus Property

Eric Voskuil edited this page Dec 21, 2017 · 9 revisions

People have been conditioned to think of consensus in the context of a fixed membership, like a jury. In this model consensus implies that all members must agree. But because Bitcoin membership is permissionless and not fixed, there is always complete agreement, as implied by membership. In this model consensus refers to the size of the membership (economy), not a condition of agreement. Generally a larger consensus provides greater utility and greater security by more broadly sharing risk.

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